IPB gets more time for WA-485-P work

IPB Petroleum has informed that its application for a 12 month suspension, extension and variation to the WA-485-P exploration permit work programme, offshore Australia, has been approved by the Commonwealth–Western Australia Joint Authority.

The company also recently gained approval for a 12 month suspension and extension to the WA-471-P exploration permit work programme.

Following IPB’s application in mid May 2015, the company has been granted a twelve month suspension and variation to the permit Year 2, and corresponding extension to subsequent permit years’ work programmes for its 100% held WA-485-P exploration permit located in the Browse basin offshore Australia.

The current work programme now provides a further 12 months for IPB to start the acquisition of a new 3D seismic survey, now 900 sqkm versus a previous 610 sqkm as part of the Year 2 Permit activites.

Also as a result of the extension of subsequent years’ work programmes, IPB now has additional time to satisfy future commitments including the Permit Year 3 exploration wells which must now start before May 13, 2017. The optional Permit Secondary Term now starts on May 14, 2017.

IPB gets more time for WA-485-P work_

IPB’s Managing Director Brendan Brown commented, “These revised terms allow increased time to complete future permit work programme, and based on the Company’s studies to-date, better reflects the level of technical work necessary for this important exploration permit.”

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